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A quick napkin calculation. Capital returns on houses are about 4-5%, and I'm guessing income tax is about 20-30%. So if you convert this income tex to a capita
by carlob 10y ago
A quick napkin calculation. Capital returns on houses are about 4-5%, and I'm guessing income tax is about 20-30%. So if you convert this income tex to a capital tax you get 0.8-1.5%. So I guess you're right in saying that 2% is not gonna be a big deterrent when compared with the kind of tax you'd pay on income from that.
- seanc 10y agoApparently many people are cheating on the capital tax: http://www.theglobeandmail.com/real-estate/vancouver/out-of-the-shadows/article31802994/ http://www.theglobeandmail.com/real-estate/vancouver/out-of-...